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Results 11 - 20
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976
Institutional Environment, Blockholder Characteristics and Ownership Concentration in China*
"... Using a sample of China’s A-share listed companies for the period 2001-2004, this paper investigates the influence of institutional environment variables, including the process of marketization, level of local government intervention, and local legal environment, on blockholder characteristics and o ..."
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and ownership concentration, and the relation between the endogeneity of ownership structure and institutional environment. Our results indicate that the effects of these variables on ownership concentration are (1) positive for listed companies controlled by state asset management bureaus affiliated with local
1 Shareholder Protection, Ownership Concentration and FDI By
"... Host country’s weaker legal shareholder protection may make it costlier for parent shareholders to monitor the foreign subsidiary and hold managers accountable in case of misconduct. This prospect may motivate the managers to invest in such foreign environments. However, the agency costs associated ..."
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protection discourages FDI. This negative relationship, however, is less important for firms with higher ownership concentration, implying that parent’s ownership concentration may be a substitute for host country’s weak legal shareholder protection.
Investment policy, internal financing and ownership concentration in the UK.
, 2000
"... This paper investigates whether investment spending of firms is sensitive to the availability of internal funds. Imperfect capital markets create a hierarchy for the different sources of funds such that investment and financial decisions are not independent. The relation between corporate investment ..."
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Cited by 20 (1 self)
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not require the use of Tobin's q, which is subject to mis-measurement problems. Apart from past investment levels and generated cash flow, the model also includes a leverage factor which captures potential bankruptcy costs and the tax advantages of debt. More importantly, we investigate whether ownership
The Arrow-Lind Theorem Revisited: Ownership Concentration and Valuation ∗
, 2013
"... According to Arrow and Lind (1970), as the net returns of an investment are shared by increasingly many shareholders, the risk premium for the respective shareholders vanishes and the aggregate of these premiums approaches zero. We test Arrow and Lind’s hypothesis of relationship between ownership c ..."
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concentration and perceived risk. We find strong and robust results that investors value higher companies and managers are more likely to invest in fixed assets and hold less cash in companies with dispersed ownership. Both results are interconnected: investors ’ lower liquidity premiums and managers ’ risk
Ownership Concentration, Monitoring and Optimal Board Structure
, 2005
"... The paper analyzes the optimal structure of board of directors in a …rm with ownership concentrated in the hands of a large shareholder who sits on the board. We focus our attention on the choice between one-tier board who performs all tasks and two-tier board where the management board is in charge ..."
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Cited by 5 (0 self)
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The paper analyzes the optimal structure of board of directors in a …rm with ownership concentrated in the hands of a large shareholder who sits on the board. We focus our attention on the choice between one-tier board who performs all tasks and two-tier board where the management board
Ownership Concentration, Monitoring and Optimal Board Structure
, 2005
"... The paper analyzes the optimal structure of board of directors in a firm with ownership concentrated in the hands of a large shareholder who sits on the board. We focus our attention on the choice between one-tier board who performs all tasks and two-tier board where the management board is in charg ..."
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The paper analyzes the optimal structure of board of directors in a firm with ownership concentrated in the hands of a large shareholder who sits on the board. We focus our attention on the choice between one-tier board who performs all tasks and two-tier board where the management board
1OWNERSHIP CONCENTRATION AND BANK PERFORMANCE: THE ROLE OF BANK INTERNAL GOVERNANCE
"... This paper examines the effect of ownership concentration on bank performance. Using quarterly data from 54 Indonesian commercial banks over the period of 2002-2008, we find that ownership concentration has adverse impact on bank performance. We then show that the effect of ownership concentration d ..."
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This paper examines the effect of ownership concentration on bank performance. Using quarterly data from 54 Indonesian commercial banks over the period of 2002-2008, we find that ownership concentration has adverse impact on bank performance. We then show that the effect of ownership concentration
Ownership Concentration and Initial Public Offering Performance: Evidence from Thailand
"... This study examines the relation between ownership concentration and performance of initial public offerings (IPOs) in Thailand during 1989-1993. Ownership concentration plays a crucial role in emerging capital markets such as Thailand and can significantly affect IPO performance. Several testable h ..."
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This study examines the relation between ownership concentration and performance of initial public offerings (IPOs) in Thailand during 1989-1993. Ownership concentration plays a crucial role in emerging capital markets such as Thailand and can significantly affect IPO performance. Several testable
Investor Protection and Corporate Governance
, 1999
"... Recent research on corporate governance has documented large differences between countries in ownership concentration in publicly traded firms, in the breadth and depth of financial markets, and in the access of firms to external finance. We suggest that there is a common element to the explanations ..."
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Cited by 590 (11 self)
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Recent research on corporate governance has documented large differences between countries in ownership concentration in publicly traded firms, in the breadth and depth of financial markets, and in the access of firms to external finance. We suggest that there is a common element
Do difference in legal protection explain differences in ownership concentration?
, 2008
"... A key finding of the law and finance literature is that large shareholders are a response to weak legal protections for investors. The empirical support for this rests with analyses of country averages of ownership concentration. The use of averages, however, creates omitted-variable and aggregation ..."
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Cited by 5 (0 self)
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A key finding of the law and finance literature is that large shareholders are a response to weak legal protections for investors. The empirical support for this rests with analyses of country averages of ownership concentration. The use of averages, however, creates omitted
Results 11 - 20
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976
